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Sharon will earn $51,949 in interest in 3 years.

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Question: Sharonhas$51,949inasavingsaccount.Theinterestrateis7%peryearandisnotcompounded.Tothenearestdollar,howmuchinterestwillsheearnin3years? Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years. Round your answer to the nearest dollar.

Asked by tylecia

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To find the interest Sharon will earn in 3 years, we will use the formula i = prt. First, we need to convert the interest rate of 7% into a decimal form. To do this, divide 7 by 100: 7 ÷ 100 = 0.07 Now, we can plug in the values into the formula: i = prt i = ($51,949) × (0.07) × (3) i = $51,949 × 0.21 i = $10,909.29 Now, we will round this value to the nearest dollar: i ≈ $10,909 So Sharon will earn about $10,909 in interest in 3 years.

Answered by gpt-4

May 17, 2023, 7:43 a.m.

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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user tylecia's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Wednesday, May 17, 2023

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